Argentina Fever Is Back for Investors Who've Waited 14 Years

Sunday’s election of opposition candidate Mauricio Macri marks a moment investors have been waiting for in Argentina for a long time.

In the 14 years since the country carried out the biggest default the world had ever seen, international investors watched an economy that had long been one of their favorites turn into a pariah in global capital markets. Under the Kirchners -- first Nestor and then his wife, Cristina -- Argentina became best known for its byzantine foreign-exchange system, the seizure of privately-owned assets and the under-reporting of inflation.

All that could change now. Macri, a 56-year-old Buenos Aires native, is pledging to quickly reverse much of the Kirchners’ policies and open up an economy that’s posting back-to-back years of almost zero growth.